Hi’–Neighbor!

Wally and Spanky are sailing a toy tugboat in a puddle outside their house when a moving van passes by carrying a riding toy fire engine. Curious, they rally the rest of the gang and decide to follow the van to see where it’s going. The adventure begins as they set their sights on the mysterious engine.

The owner of the fire engine, a snobbish rich kid named Jerry, comes out and finds a dozen kids playing with his machine. He shoos them away and refuses to trade anything for a ride, not even pocket knives or gratitude. The encounter shows Jerry's desire to keep his toy exclusive.

Wally watches as Jane arrives on the scene, and Jerry wastes no time offering her a ride in his fire engine. The gang looks on with mixed feelings, unsure whether this will help or hurt their plan. The rival dynamic between Jane and the gang becomes more personal.

Wally tries to dissuade Jane from riding with Jerry by telling her the gang is building their own fire engine big enough for everyone. He argues that waiting for their own creation is better than accepting Jerry's shortcut. Jane remains curious but unsure how to proceed.

Jane accepts Wally's invitation to ride in his (currently non-existent) fire engine after she returns from her ride with Jerry. The promise of a crew-friendly ride fuels her interest in the upcoming project. The gang prepares for a future moment when they can finally showcase their own invention.

Wally, Stymie, and the gang begin assembling their improvised fire engine, borrowing wheels, hoses, plywood, and other scraps from around the neighborhood. The project is rough and imperfect, but the kids are determined to prove themselves. Spanky and Scotty sit on the sidelines, offering witty commentary on every misstep.

Unseen by the builders, Jerry sneaks over to the gang's barn with Jane, hoping to prove the gang doesn't actually have an engine. A drill from the other side of the barn door strips him of his pants, embarrassing him in front of Jane and the rest of the kids. The moment heightens the rivalry and embarrassment.

Despite the embarrassment, Jane is coaxed by Jerry into another ride. The gang remains determined to impress her and prove they have real potential, even as Jerry's offer continues to tempt. The competition between the two sides intensifies.

The gang follows Jerry and challenges him to a race down the long, steep hill. The engine's balance and speed become crucial as they hurtle toward the bottom, with the neighborhood crowd watching the spectacle. Pride and showmanship ride on the outcome as much as safety.

Midway down the hill, the makeshift brake fails and Jerry bails out into a lawn, avoiding a crash. Jane is left on the bike-like contraption as the toy engine slides toward disaster. The close call underscores the peril of their cobbled-together ride.

The crowd cheers as Jane is drenched by a sprinkler triggered in retaliation for the chaos. The gang basks in the victory of surviving the stunt, even as the mishap proves the prankish spirit of the adventure. Laughter rings out at the unexpected shower.

The runaway fire engine veers onto the sidewalk, knocks over pedestrians, and rides straight through a hedge. The gang bursts through to the other side wearing only their underwear, with Spanky notably stripped. The wild conclusion seals their bold, chaotic triumph over Jerry's challenge.